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Bank tipped to acquire property website

Bank tipped to acquire property website

CoreLogic and a non-major bank are the driving forces behind a takeover bid for industry firm Onthehouse Holdings.

Onthehouse told the ASX today that it has “received an unsolicited, non-binding, conditional and indicative proposal” to acquire 100 per cent of the company.

The takeover offer prices Onthehouse shares at 75.5 per cents – a 26.9 per cent premium on yesterday’s final trading price of 59.5 cents.

The members of the takeover consortium are 77VSV and PIQ1, which are controlled by Macquarie Group, and which already own about 19.3 per cent of Onthehouse.

The consortium has requested exclusivity to undertake due diligence. The indicative proposal is subject to a number of conditions, including due diligence, the recommendation of the independent directors, and internal, external and regulatory controls.

CoreLogic RP Data proposes to be involved in any potential bid by providing industry knowledge, technical support and financial support.

It also proposes to become a shareholder of Onthehouse once any bid has been accepted.

CoreLogic will also be involved in and will help Macquarie with due diligence.

Onthehouse said that two of its directors, Michael Dempsey and Daniel Dempsey, are affiliated with 77VSV and so will not be involved in considering the takeover bid.

“The independent board committee intends to evaluate the indicative proposal and will update Onthehouse shareholders and the market following that consideration,” the company announced.

“The board notes that there is no certainty that the indicative proposal will result in a binding offer or that there will be a recommendation by the board to accept the offer. Onthehouse cautions its shareholders not to make any decisions about Onthehouse shares on the assumption a transaction will proceed.”

This is not the first business partnership between Macquarie and CoreLogic: the two parties formed a software joint venture earlier this year called PropertyIQ.

Onthehouse has appointed Gilbert and Tobin to act as legal counsel.

The ASX-listed group recently announced a partnership with HashChing, an online platform that delivers leads to mortgage brokers.

Through the partnership, brokers who use the HashChing platform will have their profiles appear whenever a prospective home buyer visits Onthehouse.com.au and searches a particular suburb.

[Related: Major property group to enter mortgage market]

Bank tipped to acquire property website
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